IREN Signs Multi-Year Contracts for NVIDIA Blackwell GPUs
IREN Limited (NASDAQ: IREN), a Bitcoin miner and data center operator, announced on October 7 that it signed several multi-year contracts. These agreements will provide cloud computing services using NVIDIA’s upcoming Blackwell GPUs.
According to an official statement, the contracts represent about $225 million in annualized run-rate revenue (ARR). The company has already pre-sold 11,000 of its 23,000 GPUs. This move is part of IREN’s expansion into artificial intelligence (AI) infrastructure at its facilities in British Columbia and Childress, Texas.
Shift from Bitcoin Mining to AI Infrastructure
IREN’s expansion reflects a broader industry trend. Many firms that started in digital asset mining are now adapting their energy and cooling infrastructure to support AI workloads. Pre-contracting high-end GPUs like NVIDIA’s Blackwell models offers upfront revenue visibility. It also highlights the capital-intensive nature of this transition.
IREN is discontinuing its monthly operating updates. Instead, it will adopt standardized reporting, aligning with traditional cloud and data center operators.
IREN’s Outlook and Future Plans
The new contracts mark a significant step in IREN’s shift toward AI compute services. This sector is seeing strong demand for high-performance infrastructure. The company aims to reach $500 million in ARR by early 2026. Success depends on timely GPU deployment and operational performance.
This development shows how companies with existing power and hardware capacity are positioning themselves in both AI and digital asset infrastructure markets.
